Steel Dynamics (NASDAQ:STLD) Price Target Lowered to $255.00 at Wells Fargo & Company

Key Points

• Wells Fargo lowered Steel Dynamics’ price target to $255 from $275 while maintaining an “overweight” rating, implying 8.53% upside from the prior close.
• Analyst sentiment remains favorable, with eight Buy ratings and four Holds; the stock carries a “Moderate Buy” consensus rating and an average price target of $257.27.
• Steel Dynamics reported quarterly EPS of $3.69, beating estimates, while revenue reached $6.09 billion—up 33.4% year over year.

Steel Dynamics (NASDAQ:STLD - Get Free Report) had its price objective cut by equities researchers at Wells Fargo & Company from $275.00 to $255.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. Wells Fargo & Company's target price points to a potential upside of 8.53% from the company's previous close.

A number of other research firms have also recently commented on STLD. Weiss Ratings raised shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 22nd. UBS Group raised their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research note on Wednesday, July 29th. They set a "buy" rating and a $300.00 target price on the stock. Finally, Bank of America lowered their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a report on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Steel Dynamics has an average rating of "Moderate Buy" and an average target price of $257.27.

Steel Dynamics Stock Up 2.7%

Shares of Steel Dynamics stock traded up $6.29 during trading on Monday, reaching $234.97. The stock had a trading volume of 435,605 shares, compared to its average volume of 1,243,375. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $33.68 billion, a price-to-earnings ratio of 21.29, a P/E/G ratio of 0.43 and a beta of 1.52. The stock has a fifty day moving average price of $245.06 and a two-hundred day moving average price of $222.52. Steel Dynamics has a 52 week low of $126.88 and a 52 week high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.63 by $0.06. The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.Steel Dynamics's revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.01 EPS. Sell-side analysts predict that Steel Dynamics will post 17.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares of the company's stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Steel Dynamics

Hedge funds have recently modified their holdings of the business. Prosperity Bancshares Inc acquired a new stake in Steel Dynamics in the fourth quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in Steel Dynamics during the 2nd quarter worth about $26,000. MV Capital Management Inc. acquired a new position in Steel Dynamics during the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC bought a new stake in shares of Steel Dynamics in the 1st quarter valued at about $31,000. Finally, NBH Bank acquired a new stake in shares of Steel Dynamics in the second quarter valued at about $31,000. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source